Derivatives · HYPE · $7.7B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy A, Growth AAA. Exceptional revenue/growth; validator set + governance still concentrated; closed-source components.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $4B | $7.7B |
| 12-month TVL change | +20% | +63% |
| Worst 90-day drawdown | 30% | 15% |
| Drawdown scored | 30% (90-day only, v1.0) | 15% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 73.3 | A · 78.3 |
| Growth | AA · 82.5 | AAA · 96.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates. Since then, some of those inputs have been checked against public data (November 13, 2026); see Input Sources. Where that changed a scored value, the grades in the right-hand column include it.
Solvency screens at A (78.3 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 15% and 12-month TVL change is +63%. TVL stability is scored on the 90-day drawdown, which is the worse of the two. Unlock pressure (10%) and risk quality (7 / 10) are carried over from July 27, 2026. Sustainability ratio (5.9x) was taken from public data on November 13, 2026 (see Input Sources).
Legitimacy screens at A (72.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026. All four inputs are analyst judgment; the evidence behind each is linked under Input Sources.
Growth screens at AAA (96.5 / 100), previously AA in the July 27, 2026 screen. TVL is $7.7B, +63% over twelve months (it was +20% at the previous screen). Category share (55%) and momentum (9 / 10) are carried over from July 27, 2026.
Of the 11 scored inputs, 3 are taken from public data, 7 are analyst estimates with the evidence linked, and 1 is under review because the public data disagrees with the estimate or the definition is not settled. An input under review keeps its previous scored value until the review is published.
| Input | Scored Value | Status | Source Or Evidence |
|---|---|---|---|
| Sustainability ratio Solvency | 5.9x | Sourced | DefiLlama: protocol revenue $680.0M over 12m, against about 1.59M HYPE of validator rewards released in the same period (about $116M): 5.9x. Total fees were $894.1M, so the ratio is above 5x on either definition of revenue. The July estimate was 10x; same scoring band. |
| TVL stability Solvency | 15% / +63% | Sourced | Worst 90-day drawdown and 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Unlock pressure (next 12 months) Solvency | 10% | Under review | DefiLlama's schedule for HYPE is incomplete: it marks 609M of the 1B supply as not yet scheduled and shows no further contributor unlocks. The 10% estimate cannot be confirmed from it and is still the scored value. |
| Risk quality Solvency | 7 / 10 | Estimate | Analyst judgment. DefiLlama's hacks database lists one incident on the protocol itself: June 15, 2023, about $37,000, from risk-parameter abuse. |
| Audit coverage Legitimacy | 7 / 10 | Estimate | Analyst judgment. Audit information is published in the protocol docs. |
| Team & transparency Legitimacy | 8 / 10 | Estimate | Analyst judgment. |
| Delivery vs stated roadmap Legitimacy | 10 / 10 | Estimate | Analyst judgment. |
| Governance & decentralization Legitimacy | 5 / 10 | Estimate | Analyst judgment. DefiLlama lists no governance space for this protocol; no forum or voting record has been linked yet. |
| TVL 12-month trend Growth | +63% | Sourced | 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Category market share Growth | 55% | Estimate | Analyst estimate of share of perpetuals trading. Not yet checked against a public volume series. |
| Momentum & users Growth | 9 / 10 | Estimate | Analyst judgment. Evidence: fees in the last 30 days were $89.6M, an annual run rate about 22% above the 12m total of $894.1M. |
"12m" is the twelve months to November 13, 2026. Token amounts are valued at DefiLlama prices on that date. Found an error? Tell us; corrections are published with a date.
The credit grade is Solvency A. Legitimacy is A and the Growth outlook is AAA; the weakest axis is Legitimacy. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Hyperliquid survive stress and pay its users back. Legitimacy (A) and the Growth outlook (AAA) are published beside it and are never averaged into it. Weakest axis: Legitimacy.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Hyperliquid (this page) | A | A | AAA |
| Drift | BB | BBB | B |
| GMX | BBB | BBB | B |
| dYdX | BB | A | CCC |
Hyperliquid is the outlier of the screen: the only protocol in the universe with positive twelve-month TVL growth, a ~10x sustainability ratio, and near-perfect delivery scores. Its on-chain perpetuals exchange took majority share of the derivatives category by building an order-book L1 fast enough to compete with centralized venues — and returning fees to holders through relentless buybacks.
Solvency screens at A. Revenue coverage of emissions is the best in the universe and drawdowns have been moderate. Deductions: ~10% annual unlock overhang, and a risk score held at 7/10 because parts of the stack remain closed-source and the validator set is small — the exchange is provably profitable but not yet provably neutral.
Legitimacy screens at A on a 10/10 delivery record — the product simply works at scale, shipped by a small public-enough team without venture overhang. Audits (7/10) trail the code's importance given the closed components, and governance (5/10) is the honest weak point: HYPE holders ratify more than they decide.
Growth screens at AA, the only such grade in the universe: +20% TVL against a falling market, 55% category share, momentum 9/10. The flywheel — volume to fees to buybacks to mindshare — is the strongest organic growth story in DeFi as of the snapshot.
Composite A, the highest in the screen. Watch items for a full rating: decentralization of the validator set, source availability, and whether the buyback-driven equity story survives a derivatives-volume winter. As of the snapshot, it is the closest thing DeFi has to a growth stock with real earnings.
